(Yicai Global) Oct. 23 -- Home prices continued their decline in first-tier cities last month compared with August and kept falling or remained the same in second and third-tier cities.
China's national statistics bureau released data on residential realty sales prices in 70 medium and large-sized cities last month.
Prices of new commercial housing and second-hand housing in first-tier prices fell by 0.2 percent last month compared with August, the bureau's statistics preliminarily estimate.
Prices of new commercial housing in second-tier cities rose by 0.2 percent, unbudged from last month. Prices of previously-owned homes rose by 0.2 percent, falling by 0.1 percentage points compared with the month prior.
Prices of new commercial housing and used housing in third-tier cities went up 0.2 percent and 0.3 percent respectively, falling by 0.2 and 0.1 percentage points each compared with the month before.
Prices of all new commercial housing in hot cities pursued a downward trajectory for a yearly drop or stayed constant. Real estate markets in 15 hot cities among 70 mid- and large-sized cities remained stable, braced by the cooling effect of housing regulations targeted to local conditions based on individual cities' differences, explained Liu Jianwei, senior statistician with the Department of Urban Surveys of the National Bureau of Statistics, who crunched the numbers.